On Dec. 12, 2006, Standard&Poor's Ratings Services affirmed the ratings on Montreal-Que.-based telecommunications holding company BCE Inc. and its wholly owned subsidiary Bell Canada (collectively BCE), including the 'A-' long-term corporate credit ratings, following the company's decision not to proceed with its previously announced plans to convert to an income trust (see complete ratings list below). At the same time, the ratings were removed from Credit Watch with negative implications where they were placed Oct. 11, 2006. The outlook is negative. The rating affirmation incorporates BCE's plans to reduce debt in 2006 and 2007, as previously contemplated, which should lead to debt leverage and corresponding credit metrics remaining consistent with the rating level. Specifically, Standard&Poor's expects
